Construction Specific Financial Statements

Depending on the method of accounting your CPA recommends, the accounting software
can print a financial statement with job income and cost on the income statement or on
the balance sheet. The following format shows the job income and cost on the income statement.

If you keep your books on a "completed job basis", you can print a financial
statement showing the income and costs for unfinished jobs on the balance sheet. When you
complete a job, use the option to "close a job" – this will make accounting entries
to shift the job’s income and cost from balance sheet accounts to income statement accounts.
The following financial statement is for a "Completed Job Basis" of accounting.